AMAC Development Secures Refinancing for North Texas Apartments

AMAC landed a major refinancing deal for a multifamily property northwest of Dallas.

The developer secured a $34 million loan from Affinius Capital to refinance Main & Mill, an apartment complex delivered in 2023 in downtown Lewisville, Bisnow reported. JLL’s Lauren Kaufman led the financing arrangement.

The Main & Mill Apartments, at 100 East Main Street, features 202 apartments and 6,400 square feet of retail space. The loan works out to $168,000 per apartment unit.

The development was backed by a $29.3 million construction loan from Truist in 2022. The complex features one- and two-bedroom units averaging 720 and 1,130 square feet.

Amenities include a pool, fitness center, dog wash stations, a community kitchen, co-working space, courtyards and a parking garage with EV charging stations.

AMAC has acquired more than $3 billion in multifamily properties across multiple states, including Florida, Maryland, New York and Texas.

Nearly 40,000 multifamily units were completed in Dallas-Fort Worth last year, according to Partners Real Estate. However, the excess of available inventory has strained rent prices and led to a significant rise in vacancies, which reached nearly 11 percent, the highest level in 20 years.

Lewisville, like much of North Texas, is seeing similar growth. Dallas-based JPI, the region’s largest multifamily developer, recently formed a joint venture with Weitzman to bring 760 apartments to a 12-acre site along Lewisville’s Windhaven Parkway, adjacent to Weitzman’s Castle Hills Marketplace.

Weitzman plans to add 20,000 square feet of retail and restaurant space within the future apartment buildings and on a neighboring lot. The first phase, focusing on retail, is scheduled for completion this fall, with the first apartments expected to be available the following summer.

Overall, JPI delivered just under 2,500 apartment units to the Dallas-Fort Worth metro last year, and has a pipeline of about 2,000 units.

— Andrew Terrell